Published: 10 Feb 2014
Are you maximising your profits?
Getting the most profitable results from your farm business requires a careful balance of input costs to produce the optimum yield.
- Every business has limited productive resources, including land, labour, management and capital.
- Production economics provides a framework for decision making about how best to use these limited resources to maximise profit.
- Maximising yield is not the most useful basis on which to make decisions about production.
- Understanding ‘marginal cost’ and ‘marginal return’ is very important when making production decisions.
- It is critical to know the impact of increasing inputs on working capital – does it limit your ability to do other things?
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GRDC Project Code AES00006
Region National, North, South, West
Region: National; North; South; West
GRDC Project Code: AES00006
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